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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table presents the notional amounts and fair values, including accrued interest, of derivative positions:
At June 30, 2022
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated as hedging instruments:
Interest rate derivatives (1)
$2,000,000 $3,843 $500,000 $193 
Not designated as hedging instruments:
Interest rate derivatives (1)
6,922,130 121,351 6,390,965 212,078 
Mortgage banking derivatives (2)
223 2 — — 
Other (3)
169,356 820 482,326 280 
Total not designated as hedging instruments7,091,709 122,173 6,873,291 212,358 
Gross derivative instruments, before netting$9,091,709 126,016 $7,373,291 212,551 
Less: Master netting agreements11,722 11,722 
Cash collateral89,220 100 
Total derivative instruments, after netting$25,074 $200,729 
At December 31, 2021
Asset DerivativesLiability Derivatives
(In thousands)Notional AmountsFair ValueNotional AmountsFair Value
Designated as hedging instruments:
Interest rate derivatives (1)
$1,000,000 $17,583 $— $— 
Not designated as hedging instruments:
Interest rate derivatives (1)
4,463,048 141,243 4,372,846 21,570 
Mortgage banking derivatives (2)
14,212 80 — — 
Other (3)
76,755 211 374,688 214 
Total not designated as hedging instruments4,554,015 141,534 4,747,534 21,784 
Gross derivative instruments, before netting$5,554,015 159,117 $4,747,534 21,784 
Less: Master netting agreements6,364 6,364 
Cash collateral19,272 2,119 
Total derivative instruments, after netting$133,481 $13,301 
(1)Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. Notional amounts of interest rate swaps cleared through clearing houses include $2.7 billion and $0.4 billion for asset derivatives and $0.4 billion and $2.6 billion for liability derivatives at June 30, 2022 and December 31, 2021, respectively. The related fair values approximate zero.
(2)Notional amounts related to residential loans exclude approved floating rate commitments of $0.2 million and $1.0 million at June 30, 2022 and December 31, 2021, respectively.
(3)Other derivatives include foreign currency forward contracts related to lending arrangements and customer hedging activity, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $131.7 million and $66.0 million for asset derivatives and $463.8 million and $338.2 million for liability derivatives at June 30, 2022 and December 31, 2021, respectively, that have insignificant related fair values.
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location The following table presents fair value positions transitioned from gross to net upon applying counterparty netting agreements:
At June 30, 2022
(In thousands)Gross Amount RecognizedDerivative Offset AmountCash Collateral Received/PledgedNet Amount PresentedAmounts Not Offset
Asset derivatives$107,886 $11,722 $89,220 $6,944 $7,314 
Liability derivatives11,855 11,722 100 33 1,614 
At December 31, 2021
(In thousands)Gross Amount RecognizedDerivative Offset AmountCash Collateral Received/PledgedNet Amount PresentedAmounts Not Offset
Asset derivatives$25,636 $6,364 $19,272 $— $51 
Liability derivatives8,483 6,364 2,119 — 428 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
The following table summarizes the income statement effect of derivatives designated as cash flow hedges:
Recognized InThree months ended June 30,Six months ended June 30,
(In thousands)Net Interest Income2022202120222021
Interest rate derivativesLong-term debt$77 $123 $153 $244 
Interest rate derivativesInterest and fees on loans and leases(1,244)(2,645)(3,803)(5,227)
Net recognized on cash flow hedges$(1,167)$(2,522)$(3,650)$(4,983)
The following table summarizes information related to a fair value hedging adjustment:
Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is LocatedCarrying Amount of Hedged ItemCumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount
(In thousands)At June 30,
2022		At December 31,
2021		At June 30,
2022		At December 31,
2021
Long-term debt$336,134 $338,811 $36,134 $38,811 
Other Derivatives Not Designated For Hedge Accounting The following table summarizes the income statement effect of derivatives not designated as hedging instruments:
Recognized InThree months ended June 30,Six months ended June 30,
(In thousands)Non-interest Income2022202120222021
Interest rate derivativesOther income$12,814 $(239)$19,259 $4,405 
Mortgage banking derivativesMortgage banking activities(29)(212)(78)(594)
OtherOther income1,027 (303)1,424 169 
Total not designated as hedging instruments$13,812 $(754)$20,605 $3,980